DTN Early Word Grains 06/08 06:00

DTN Early Word Grains 06/08 06:00 Grains Extend Rally on Improving Demand July corn is up 2 3/4 cents per bushel, July soybeans are up 1 1/2 cents, and July KC wheat is up 3 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 2 3/4 cents per bushel, July soybeans are up 1 1/2 cents, and July KC wheat is up 3 cents. CME Globex Recap: Global equity markets are mixed overnight while U.S. futures are pointing toward another higher open. Friday saw much stronger employment data in the U.S. than expected, suggesting the economy could come back stronger than expected. The global economy also received good news overnight as China reported the highest monthly crude oil imports on record as the country brought in 11.296 million barrels per day during May. The data is helping crude oil futures rise to 3-month highs overnight. Precious metals are also higher with silver leading the way and up over 2.0% overnight. Grain markets are mostly higher overnight with the exception of Chicago wheat. Corn and soybeans are extending their rallies on the back of improving demand news and slow farmer selling. Growing conditions remain favorable across the Midwest which will keep the big crop narrative in place heading into the June WASDE on Thursday. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 829.16 at 27,110.98 and the S&P 500 up 81.58 at 3,112.35 while the 10-Year Treasury yield ended at 0.904%. Early Monday, the June DJIA futures are up 199 points. Asian markets are higher with Japan's Nikkei 225 up 314.37 (1.37%) and China's Shanghai Composite up 6.97 points (0.24%). European markets are mixed with London's FTSE 100 up 23.27 points (0.36%), Germany's DAX down 15.06 points (-0.11%) and France's CAC 40 down 7.96 points (-0.15%). The June Euro is up 0.001 at 1.130 and the June U.S. dollar index is down 0.087 at 96.835. The September 30-Year T-Bond is down 15/32nds, while August gold is up $12.70 at $1,695.70 and July crude oil is up $0.39 at $39.94. Soybeans on China's Dalian Exchange were up 1.41% while soybean meal was down 0.74%.